Manhattan’s property prices are expected to take a hit in 2009 because
of job losses and decreasing bonuses in the financial sector. Financial
and insurance companies make up 15.7 percent of Manhattan’s workers,
according to the New York State Department of Labor, and they earn an
average of $269,000, more than 2.5 times the average private-sector
wage.
Property values expected to decline next year
September 22, 2008 01:03PM
